November 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.In particular, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal governmentâs Thrift Savings Plan is increased from $17,000 to $17,500.However, the additional catch-up contribution allowed for those age 50 and higher remains $5,500.ovember 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.
Jones rejected the ruling and imposed a penalty more than 15 times larger. Although, under Insurance Commissioner Steve Poizner four years ago California sought a penalty of nearly $10 billion against the insurer, a fine that didnât stand. UnitedHealth in July sued Jones to block the massive fine, which is considered unprecedented in size. California Insurance Commissioner Dave Jones.
If you donât have insurance coverage and you can afford it, you will be penalized and pay a fee in most cases. For 2016, the penalty fee is whichever is greater: 2.5 percent of your yearly household income, or $695 per adult and $347.50 per child for the year. The household maximum penalty fee is $2,085.